Innovia issues conditional call for €262 million of floaters due 2020

By Susanna Moon

Chicago, Jan. 27 – Innovia Group (Finance) plc issued a conditional redemption notice for its €262 million of outstanding senior secured floating-rate notes due 2020.

The notes will be redeemed at par plus accrued interest to the redemption date, which is expected to be Feb. 28.

The redemption is contingent on the sale and purchase of some securities under the agreement dated Dec. 19 with Fairfield LP, as the seller, and CCL Syrinx (UK) Ltd., as the purchaser, according to a company notice.

The redemption date has been set for Feb. 28 unless the condition has not been met by then, in which case it will be the business day that the deal closes provided that it is no later than April 12, the release stated.

Citibank NA, London Branch is the trustee and principal paying agent.

As announced Aug. 26, the company redeemed €74.75 million of the floaters at par plus accrued interest up to but excluding the redemption date.

The redemption followed a tender offer in which it offered to buy up to €75 million of the notes using the €75 million proceeds from the sale of its cellophane business to Futamura Chemical Co., Ltd. The offer was made under the asset-sale provisions in the note indenture.

Innovia is a Wigton, England-based manufacturer of specialty films.

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